Pactiv Evergreen (NASDAQ:PTVE) Rating Lowered to Neutral at UBS Group

Pactiv Evergreen (NASDAQ:PTVE) was downgraded by equities researchers at UBS Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $18.00 target price on the stock, up from their prior target price of $16.00. UBS Group’s price target points to a potential upside of 2.68% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Citigroup restated a “neutral” rating and issued a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Pactiv Evergreen presently has an average rating of “Hold” and a consensus price target of $16.33.

Pactiv Evergreen Stock Down 0.1 %

NASDAQ:PTVE opened at $17.53 on Friday. The stock has a 50-day simple moving average of $15.15 and a 200 day simple moving average of $12.79. Pactiv Evergreen has a one year low of $8.83 and a one year high of $17.65. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -19.05, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. Sell-side analysts predict that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Institutional Trading of Pactiv Evergreen

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its holdings in shares of Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after purchasing an additional 1,474 shares during the period. Point72 DIFC Ltd grew its position in Pactiv Evergreen by 33.2% in the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after buying an additional 1,965 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Pactiv Evergreen during the 2nd quarter valued at about $114,000. Intech Investment Management LLC bought a new stake in shares of Pactiv Evergreen during the 3rd quarter worth about $132,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Pactiv Evergreen in the 2nd quarter worth approximately $145,000. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Company Profile

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.